BuddyPress.org

!is_user_logged_in then register – You can create a Page Template with login form and set it as home page in Settings > Reading
Then for users who have logged in, create bp-custom.php and add code by @sbrajesh and upload to wp-content/plugins folder to redirect them to respective profile pages
P.S. if you’re using WP 3.0, replace line
`if(!is_site_admin($user->user_login))`
to
`if(!is_super_admin($user->user_login))`